The Editorial Team |

Nigeria Wants to Be the Biggest Winner From African Free Trade

LAGOS (Capital Markets in Africa) – Africa’s most-populous nation has not yet signed a continent-wide free-trade deal because it wants to make sure it’s the biggest winner, and not the biggest loser, from this pact. Nigeria seeks to make sure third parties won’t be able to dump products and threaten local producers once the African Continental Free Trade Area is established, Vice President Yemi Osinbajo said Friday at a conference in Lagos, the commercial capital. “We are…

Impala Is Identifying Buyers for Shaft Earmarked for Closure

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JOHANNEBURG (Capital Markets in Africa) – Impala Platinum Holdings Ltd. is in the process of selecting potential buyers for one of the shafts it had planned to close in April as part of a restructuring plan for its Rustenburg mining complex. The world’s second-largest platinum producer is considering options including selling shafts or inviting contractors to run the operations. A selection process to identify and engage with possible takers for its number 1 shaft, which employs…

South Africa’s Sanlam to Issue New Shares to Black Shareholders

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JOHANNEBURG (Capital Markets in Africa) – Sanlam Ltd. will issue new shares to black shareholders through its black empowerment partner as it seeks to win more business from state-owned companies in South Africa. The Cape Town-based insurer will issue 11.35 million shares, or 5 percent of its ordinary share capital, and grant a 2 billion rand ($136.6 million) facility to Ubuntu-Botho Investments or its subsidiaries to help it invest in some Sanlam units. Ubuntu-Botho is a…

Small Corner of Corporate Debt Market Withstood October Sell-Off

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JOHANNESBURG (Capital Markets in Africa) – As risk aversion weighed on developing-nation bonds in October, one small corner of the market resisted: sub-investment-rated corporate debt in Africa. Emerging-market corporate bonds lost an average 0.7 percent this month, according to Bloomberg Barclays indexes. But dollar-denominated securities of companies in Ghana, Democratic Republic of Congo and Nigeria eked out gains, thanks to the relative isolation of those markets and the general scarcity of corporate debt in Africa. African…

Trade Deficit Latest in String of Bad News Buffeting the Rand

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JOHANNESBURG (Capital Markets in Africa) – The rand slumped to a three-week low against the dollar, leading emerging-market currency declines, as an unexpected monthly trade deficit added to a string of disappointing economic news making investors wary of South African assets. The currency of Africa’s most-industrialized economy declined 1.6 percent to 14.8307 per dollar by 4:18 p.m. in Johannesburg, heading for the weakest closing level since October 8. Yields on benchmark 2026 government bondsjumped nine basis points to…

Declaring Civil War Over, South Sudan President Says He’s Sorry

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SOUTH SUDAN (Capital Markets in Africa) – South Sudanese President Salva Kiir apologized to his people for a half-decade of civil war as the African nation’s main rebel leader echoed his commitment to a new peace deal. Insurgent chief Riek Machar temporarily returned to the capital on Wednesday to take part in peace celebrations — his first visit to Juba since being forced to flee more than two years ago. It comes as cease-fire violations and delays cast doubt…

Coffee, Trinkets on Offer as Rwanda Courts Alibaba for China

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KIGALI (Capital Markets in Africa) – Rwandan traders will soon offer products including coffee and handicrafts on Alibaba Group Holding Ltd.’s platform as the East African nation targets the Chinese market. Alibaba signed three agreements with Rwanda on Wednesday that include helping Chinese tourists travel to the nation known for its endangered mountain gorillas. The country that also supplies Starbucks Corp. with some specialty coffee is now looking east to expand its market, according to the…

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